A new feature called Unified Payment Interface- interoperable cash deposit (UPI-ICD) is changing the way you deposit cash at ATM’s. It allows one to deposit cash into your bank account using any UPI app, eliminating debit card. Initially available at select ATMs of Axis Bank and Union Bank of India, more banks are expected to roll out this service soon.
HOW IT WORKS
Identify ATMs equipped with advanced cash recycler machines that support UPI-ICD. Open your UPI app and Scan the QR code displayed on the ATM screen. Enter the amount you wish to deposit and select the beneficiary account. Insert cash into the ATM’s deposit slot. Verify the details and complete the transaction using your UPI-PIN. Funds are credited to the beneficiary account instantly in real time mood. The ATM’s cash recycler machine verifies the authenticity of the deposited notes. There is a limit of Rs. 50000 per transaction.
The entire process is digital that eliminating the need for physical slip or paperwork.
Source: Business Standard
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